EX-10.5






[Bank of America letterhead]




	 	 	 
	To:

Attn:

Telephone:

Fax:

cc:

Telephone:

Fax:

From:

	 	NNN 901 Civic, LLC & NNN VF 901 Civic, LLC, jointly and severally

c/o Grubb & Ellis Realty Investors, LLC

1551 N. Tustin Ave., Suite 200

Santa Ana

CA 92705 United States

LINH NGUYEN

714 667 8252

714 667 0315

Courtney A Brower

714 667 8252 extn 317

714 667 6860

LaSalle Bank NA






233 South Wacker Drive — Suite 2800
Chicago



	 	 	 	 	 
	 
	 	Illinois 60606
	 
	 		U.S.A.	
	Department:
	 	Swaps Operations
	Telephone:
	 		(+1) 312 234 2732	
	Fax:
	 	 	(+1) 866 255 1144	 
	Date:
	 	18th June 2008
	Our Reference No:
	 	44626084 previously known as 4626084
	Internal Tracking No:
	 	 	4626084	 






Dear Sir/Madam,



The purpose of this letter agreement is to confirm the terms and conditions of the Transaction
entered into between NNN 901 Civic, LLC & NNN VF 901 Civic, LLC, jointly and severally and LaSalle
Bank NA (each a “party” and together “the parties”) on the Trade Date specified below (the
“Transaction”). This letter agreement constitutes a “Confirmation” as referred to in the ISDA
Master Agreement specified below (the “Agreement”).



The definitions and provisions contained in the 2006 ISDA Definitions, as published by the
International Swaps and Derivatives Association, Inc., (the “Definitions”) are incorporated into
this Confirmation. In the event of any inconsistency between the Definitions and this Confirmation,
this Confirmation will govern.



This Confirmation supplements, forms part of, and is subject to, the ISDA Master Agreement dated
as of 12th May 2006, as amended and supplemented from time to time, between the parties. All
provisions contained in the Agreement govern this Confirmation except as expressly modified below.



In this Confirmation “Party A” means LaSalle Bank NA and “Party B” means NNN 901 Civic, LLC &
NNN VF 901 Civic, LLC, jointly and severally.



	 	 	 
	General Terms:

	 	

	The terms of the particular Transaction to which this Confirmation relates are as follows:

	Notional Amount:

Trade Date:

Effective Date:

Termination Date:

	 	USD 9,837,000.00

16th June 2008

18th June 2008

12th May 2009






	 	 	 
	Fixed Amounts: Fixed Rate

Payer:

Fixed Rate Payer Payment Dates:

	 	Party B

The 1st of each Month, commencing on

1st July 2008 and ending on the

Termination Date, subject to

adjustment in accordance with the

Modified Following Business Day

Convention






	 	 	 
	Fixed Rate:

Fixed Rate Day

Count Fraction:

	 	3.33000 per cent



Actual/360







	 	 	 	Floating Amounts: Floating Rate Payer:





Party A




Floating Rate Payer Payment Dates:



The 1st of each Month, commencing on 1st July 2008 and ending on the Termination Date, subject
to adjustment in accordance with the Modified Following Business Day Convention



	 	 	 
	Floating Rate for initial

Calculation Period:

Floating Rate Option:

Designated Maturity:

	 	

2.48125 per cent

USD—LIBOR—BB A

1 Month






	 	 	 
	Count Fraction; Actual/Reset

Dates:

	 	360

First day of each Calculation Period






	 	 	 
	Business Days:

Calculation Agent:

	 	London and New York

Party A







Recording of Conversations:



Each party to this Agreement acknowledges and agrees to the recording of conversations
between trading and marketing personnel of the parties to this Agreement whether by one or
other or both of the parties or their agents.



Account Details:



As advised under separate cover with reference to this Confirmation, each party shall provide
appropriate payment instructions to the other party in writing and such instructions shall be
deemed to be incorporated into this Confirmation.



	 	 	 
	Offices:

	 	

	The Office of Party A for this

Transaction is:

The Office of Party B for this

Transaction is:

	 	

Chicago — IL, United States

Please send reset notices to fax no. (+1) 866 218 8487



Santa Ana — CA., United States






1



Derivative Operations (fax no.(+1) 866 255 1444).




LaSalle Bank NA



Amanda Clarke Principal



Authorised Signatory



Accepted and confirmed as of the date first written: NNN 901 Civic, LLC & NNN VF 901 Civic, LLC,
jointly and severally



By: Name:

Title:




	 	 	 
	Our Reference Number: Internal

Tracking No:

	 	

44626084 4626084







2